New low for pound - Tuesday 12 June

The pound reached a fresh15-year low against the dollar yesterday, the nationals reported this morning. The Times reports attempts by Treasury sources to dismiss talk of rapid entry to the single currency as "overexcited" won sterling a brief respite in morning trade. But after clawing back ground from Friday's close at $1.3798 to a high for the day of $1.3870, the pound succumbed to a renewed sell-off that sent it tumbling to a new low of $1.3713. Against the euro, it strengthened a little, by 0.17p to 61.31p - equivalent to about DM3.19. The papers also covered the fall in tradi...